People, Preferences & Prices: Sequencing the Economic Genome of the Consumer Mind

Author(s): Eugene Galanter, Howard Moskowitz and Matthias Silcher

DOI: 10.2174/978160805249311101010033

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Getting Under the Hood - Finding Out How to Price

Pp: 33-41 (9)

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Abstract

SHS investigation development is considered from the geographical and historical viewpoint. 3 stages are described. Within Stage 1 the work was carried out in the Department of the Institute of Chemical Physics in Chernogolovka where the scientific discovery had been made. At Stage 2 the interest to SHS arose in different cities and towns of the former USSR. Within Stage 3 SHS entered the international scene. Now SHS processes and products are being studied in more than 50 countries.

Abstract

In this chapter we are experimenting with new-to-the-world devices. Our data suggest two interesting ‘patterns’ that are worth exploring for their generality. First, when a new feature is ‘interesting’, i.e., leads to expected purchase, people are willing to pay more for it. Second, even when people are not interested in buying something, they still recognize incremental value. They will not buy it, but they will know that it is worth more.

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